WASHINGTON - (07/01/05) A contingent of lawmakers from Ohio andIllinois, including Speaker of the House Dennis Hastert (R-IL) haveasked the FTC to use common sense in its proposed regulationpertaining to how privately insured credit unions disclose theirinsurance status to members. Ohio Republican Reps. Deborah Pryce,Bob Ney, Steve LaTourette and Patrick Tiberi joined Hastert insigning the letter to FTC. First, the rule appears to statethat credit unions would have to obtain a written acknowledgementfrom every depositor since September 1994 that the institution isnot federally insured, the lawmakers wrote in a letter toFTC Chair Deborah Platt Majoras. Congress deemed thatimpossible nearly a decade ago. Instead, the lawmakers urgedFTC to allow new customers to either sign an acknowledgement cardin person or receive three first class mailings urging that a cardbe signed. The letter also suggests it would be impossible to putprivate insurance disclosures on ATMs that are not on the branchsite and that requiring privately insured CUs to alter a genericdeposit slip to include insurance disclosures could cost thousandsof dollars.
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A housing bill that already passed the Senate cleared the House Monday evening, but included bipartisan community banking provisions that have already raised objections in the upper chamber.
February 9 -
Fifteen banks have failed since November 2019, with the most recent one occurring on Jan. 30.
February 9 -
The Government Accountability Office was tasked with investigating the Consumer Financial Protection Bureau's stop-work order, but CFPB officials refused to meet with or provide information to Congress' investigative arm.
February 9 -
Federal Reserve Gov. Christopher Waller said comments from banks and fintech firms reveal sharply different priorities in the creation of the central bank's proposed "skinny" master accounts.
February 9 -
Check fraud has risen 385% since the pandemic, with criminals using stolen mail and digital tools to deceive major financial institutions.
February 9 -
The activist investor HoldCo Asset Management said Monday that it doesn't plan to pursue proxy battles this spring at either Key or Eastern. It had been agitating publicly over the banks' M&A strategies.
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